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On November 19th, a Citi research report indicated that AAC Technologies (02018.HK) has signed an agreement to acquire shares and other equity securities of DispelixOy, an AR diffraction waveguide technology company. The transaction is expected to be completed in the first half of 2026. AAC has been collaborating with Dispelix on a strategic R&D partnership for several years, jointly developing next-generation AR devices with several leading OEM customers and collaborating with major mobile platform suppliers to develop next-generation reference design platforms. The report believes that this acquisition will expand AACs product portfolio and solution capabilities in the XR field, covering acoustics, haptic feedback, microelectromechanical systems (MEMS), camera lenses and lens modules, structural components, and waveguide technology. The report currently gives AAC a target price of HK$56 and a buy rating.On November 19th, Morgan Stanley issued a research report raising its target price for JD Health (06618.HK) from HK$60 to HK$68.8, based on a discounted cash flow valuation, maintaining its "Market Perform" rating. Morgan Stanley stated that, taking into account JD Healths third-quarter results, the company benefits from growth in direct sales and service revenue, and has raised its total revenue forecasts for 2025 to 2027 by 1.4% respectively. Furthermore, with the expansion of drug sales and the increased proportion of advertising revenue, the companys gross margin is showing an upward trend. The bank has raised its recurring earnings per share forecasts for the period by 9%, 13%, and 13% respectively.On November 19th, a CLSA research report indicated that despite facing competition in both domestic and international markets, Man Wah Holdings (01999.HK) still saw a 0.6% year-on-year increase in net profit for the first half of fiscal year 2026, with the interim dividend remaining flat. This was attributed to the groups proactive repositioning and improved operational efficiency. Although US tariffs increased, the gross profit margin in overseas markets still rose 1.1% year-on-year to 39.3% during the period, as continued efficiency improvements and lower raw material costs helped mitigate the impact of tariffs. Furthermore, Man Wahs management stated that capacity investment has peaked and that maintaining stable dividends will be a priority in the coming years. The report believes that managements commitment to shareholder returns may support market sentiment in the short term, and coupled with the expected stable revenue growth in fiscal year 2027, it may bring medium-term upside potential. Based on improved shareholder return visibility, the target price was raised from HK$5 to HK$5.58, maintaining an "Outperform" rating.On November 19th, a research report from Bank of America Securities indicated that Geely Automobile (00175.HK) saw its third-quarter revenue increase by 27% year-on-year to RMB 89.2 billion, primarily driven by a 43% year-on-year increase in deliveries and higher average selling prices. Benefiting from improved economies of scale, operational efficiency, and product mix optimization, gross margin rose 1.2% year-on-year to 16.6%. Net profit for the period increased by 59% year-on-year to RMB 3.8 billion, with cumulative net profit for the first three quarters reaching RMB 13.1 billion, accounting for 77% of the banks full-year forecast. The bank raised its sales volume forecasts for 2025 to 2027 by 2%, 1%, and 2% respectively, its total revenue forecasts by 1%, 2%, and 2%, and its earnings per share forecasts by 1%, 6%, and 5%. The target price was raised from HKD 24 to HKD 25, and the bank reiterated its "buy" rating.According to Japans Kyodo News, the governor of Niigata Prefecture will approve the restart of Tokyo Electric Power Companys Kashiwazaki-Kariwa nuclear power plant.

Natural Gas Prices Are at Their June 2021 Lows As Bulls Retain $3 Support

Skylar Williams

Jan 20, 2023 10:44

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The depletion from natural gas storage in the United States was larger than anticipated, but it was insufficient to increase prices from 19-month lows.


The front-month February gas contract on the Henry Hub of the New York Mercantile Exchange decreased by 3.6 cents, or 1%, to $3.275 per million British thermal units (mmBtu) on Thursday. This was the lowest settlement for a front-month gas contract on the hub since June 22, 2021, when it closed at $3.258.


Earlier in Thursday's session, February gas prices hit a low of $3.203, narrowing the distance between a reduction to the $2 region to less than 20 cents. U.S. gas futures have not traded below $3 since May 2021. Their value has declined by about 20% since the beginning of 2023, and by 15.5% year-over-year.


Despite the Energy Information Administration's (EIA) forecast that U.S. utilities drew 82 billion cubic feet (bcf) from national gas storage last week for heating purposes — more than the 71 bcf draw projected by Investing.com experts — the price of natural gas continued to decrease.


John Kilduff, a partner at the New York-based energy hedge fund Again Capital, commented, "What's being asked of folks who are long on gas is quite a bit: that the weather quickly returns to winter-normal cold." This is something that gas bulls have no control over.


The short-term weather forecast is vague and even baffling. Major weather forecast models, such as the U.S.-based Global Forecast System (GFS) and the European Center for Medium-Range Weather Forecasts (ECMWF), foresee a cooling trend by the final week of January. In addition, above-average Gas-Weighted Degree Days (GWDDs) are expected to develop around January 25 and linger until February.


Despite this, the GFS is downplaying the severity of the impending winter weather event, depicting a fairly ordinary Arctic air mass as compared to the remarkable Arctic air mass that moved as far south as Houston, Texas, in late December, bringing temperatures as low as ten degrees.


Other weather models, such as the Canadian (GEM) and the CFSv2, predict temperatures of 80 degrees below zero in Siberia, which might reach the interior of the United States. Compared to the first half of January, when most locations saw record-low temperatures, the number of GWDDs during the period between January 18 and January 31 is the third highest for the time period over the past five years.


Meteorologist NatGasWeather noted in a Wednesday blog post on naturalgasintel.com:


"Overnight data sustains very light national demand over the next three days, light this weekend until the start of the following week, but solid demand for the week of January 26-31," Recent model runs were not as impressive in terms of the quantity of cold that would reach the United States, nor were they as active in advancing subfreezing air into the southern and eastern United States.


In a blog post published on the same website on Thursday, some analysts noted that production has been solid this month – above 100 bcf/d – while mild weather has lowered heating demand in large sections of the Lower 48 states.


An Analyst expert was quoted by naturalgasintel.com as saying, "Demand has underperformed significantly." The need for storage has dramatically decreased.


According to the website, the recent fall in gas supply has decreased storage capacity to 2,820 trillion cubic feet (tcf). This compares to the previous year's level of 2,839 tcf and the five-year average of 2,786 tcf.


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